Approval of Annual Operating Budget. At the beginning of each year of the Term, Borrower shall provide to the County an annual budget for the operation of the Development. The County may request additional information to assist the County in evaluating the financial viability of the Development. Unless rejected by the County in writing within thirty (30) days after receipt of the budget, the budget will be deemed accepted. If rejected by the County in whole or in part, Borrower shall submit a new or corrected budget within thirty (30) calendar days after notification of the County's rejection and the reasons therefor. The provisions of this Section relating to time periods for resubmission of new or corrected budgets will continue to apply until such budget has been approved by the County.
Approval of Annual Operating Budget. Borrower shall provide the following to the County for its review and approval: (i) by not later than sixty (60) days prior to commencement of each Development Fiscal Year for the Term, the estimated annual budget for the upcoming Development Fiscal Year for the operations of the Development which shall include projected income from all sources, projected expenses, including operating expenses, debt service, and deposits to and withdrawals from Development reserves (the "Annual Operating Budget"); and (ii) within ninety (90) days following the end of each Development Fiscal Year, a report showing the actual income and expenditures with respect to the Development for the immediately preceding Development Fiscal Year and the status of Development reserves. The County's review shall be limited to whether the Development is being operated and managed in accordance with the requirements and standards of the Loan Documents. The County may request additional information to assist the County in evaluating the financial viability of the Development. Unless rejected by the County in writing within thirty (30) days after receipt of the budget, the budget will be deemed accepted. If rejected by the County in whole or in part, Borrower shall submit a new or corrected budget within thirty (30) calendar days after notification of the County's rejection and the reasons therefor. The provisions of this Section relating to time periods for resubmission of new or corrected budgets will continue to apply until such budget has been approved by the County.
Approval of Annual Operating Budget. The Host District will prepare a summary of the total anticipated revenue from state and other sources. The anticipated revenue will be used by the Director to prepare a preliminary budget for the proposed operation and financing of the Skills center to be reviewed by the Administrative Council and Consortium Districts. The Administrative Council shall review and approve the proposed budget no later than May 1 in order to meet the submission timelines of the Host District for approval by the Board of Directors. The Host District shall maintain Skills Center budgetary accounts as required by law.
Approval of Annual Operating Budget. Owner shall indicate its approval or disapproval of the Annual Operating Budget in writing no later than 1 December of each Fiscal Year. If Owner does not indicate its approval or disapproval in writing by 1 December of each Fiscal Year, then the Annual Operating Budget proposed by Manager shall be deemed to be approved by Owner and effective as of 31
Approval of Annual Operating Budget. At the beginning of each year of the Term, Developer shall provide to the County an annual budget for the operation of the Housing Improvements. The County may request additional information to assist the County in evaluating the financial viability of the Housing Improvements. Unless rejected by the County in writing within thirty (30) days after receipt of the budget, the budget will be deemed accepted. If rejected by the County in whole or in part, Developer shall submit a new or corrected budget within thirty (30) calendar days after notification of the County's rejection and the reasons therefor. The provisions of this Section relating to time periods for resubmission of new or corrected budgets will continue to apply until such budget has been approved by the County.
Approval of Annual Operating Budget. At or prior to the beginning of each year of the Term, Borrower shall provide to the County an annual budget for the operation of the Development. The County may request additional information to assist the County in evaluating the financial viability of the Development. If Borrower's submission of the annual operating budget includes a request to escalate the Partnership/Asset Fee pursuant to Section 3.18 above, such submission must include projections showing the change in the amount of Residual Receipts that will be available to the County upon implementation of the escalator. Unless rejected by the County in writing within thirty (30) days after receipt of the budget, the budget will be deemed accepted. If rejected by the County in whole or in part, Borrower shall submit a new or corrected budget within thirty
Approval of Annual Operating Budget. The Proposed Annual Operating Budget shall be considered for approval by the Executive Committee at the next regularly held meeting of the Executive Committee after submission thereof by the Manager or, if sooner, at a special meeting of the Executive Committee called for such purpose pursuant to the provisions of Section 10.4(a) hereof. Each Representative attending such meeting at which the Proposed Annual Operating Budget is being considered may require changes or modifications to the Proposed Annual Operating Budget; provided, that, so long as Pace is the Manager, its Representative may not require an increase in any amounts contained in the Proposed Annual Operating Budget submitted by the Manager pursuant to Section 10.5(a) hereof. Upon unanimous approval by the Representatives attending a duly called and held meeting of the Executive Committee at which a quorum is present, such operating budget so approved shall be the Annual Operating Budget of the Partnership for the Budget Year to which it relates, if the Annual Operating Budget is not adopted in accordance with the foregoing provisions within fifteen (15) days after the commencement of the Budget Year to which it relates, then, the following provisions shall apply:
Approval of Annual Operating Budget. Promptly after receipt of the Proposed Budget, but in any event not less than thirty (30) days prior to the end of the calendar year, the Newco Finance Board shall meet to review the Proposed Budget. Upon such review, the Newco Finance Board will vote on the Proposed Budget. If the Proposed Budget is approved by Extraordinary Directors Action, the Proposed Budget shall become Newco Finance's operating budget for the next succeeding calendar year. If the Proposed Budget is not approved by Extraordinary Directors Action, the Managing Director will revise the Proposed Budget as soon as possible and resubmit it to the Newco Finance Board for consideration by Extraordinary
Approval of Annual Operating Budget. Promptly after receipt of the Proposed Budget, but in any event not less than thirty (30) days prior to the end of the calendar year, the VC Holding Board shall meet to review the Proposed Budget. Upon such review, the VC Holding Board will vote on the Proposed Budget. If the Proposed Budget is approved by Extraordinary Directors Action, the Proposed Budget shall become VC Holding's operating budget for the next succeeding calendar year. If the Proposed Budget is not approved by Extraordinary Directors Action, the Managing Director will revise the Proposed Budget as soon as possible and resubmit it to the VC Holding Board for consideration by Extraordinary Directors Action. The operating budget for the previous calendar year shall continue to govern the operations of VC Holding (but (a) revised to the extent the Shareholders agree and (b) in any event, adjusted for inflation provided that such adjustment does not affect Libbey's Expected Sales target (as defined in the Distribution Agreement, dated of even date, by and among Vitro, Crisa Corporation, Vitrocrisa, Libbey and Libbey Glass Inc.)) until such time as a Proposed Budget is approved by the VC Holding Board by Extraordinary Directors Action.
Approval of Annual Operating Budget. Promptly after receipt of the Proposed Budget and the Three-Year Strategic Plan, but in any event not less than thirty (30) days prior to the end of the calendar year, the Vitrocrisa Board shall meet to review the Proposed Budget and the Three-Year Strategic Plan. Upon such review, the Vitrocrisa Board will vote on the Proposed Budget and the Three-Year Strategic Plan. If the Proposed Budget is approved by Extraordinary Directors Action, the Proposed Budget shall become Vitrocrisa's operating budget for the next succeeding calendar year. If the Proposed Budget is not approved by Extraordinary Directors Action, the Managing Director will revise the Proposed Budget as soon as possible and resubmit it to the Vitrocrisa Board for consideration by Extraordinary Directors Action. The operating budget for the previous calendar year shall continue to govern the operations of Vitrocrisa (but (a) revised to the extent the parties agree and (b) in any event, adjusted for inflation provided that such adjustment does not affect Libbey's Expected Sales target (as defined in the Distribution Agreement, dated of even date, by and among Vitro, Crisa Corporation, Vitrocrisa, Libbey, and Libbey Glass Inc.)) until such time as a Proposed Budget is approved by the Vitrocrisa Board by Extraordinary Directors Action. If the Three-Year Strategic Plan is approved by Extraordinary Directors Action, the Three-Year Strategic Plan shall become Vitrocrisa's strategic plan for the next succeeding three fiscal years. If the Three-Year Strategic Plan is not approved by Extraordinary Directors Action, the Managing Director will revise the Three-Year Strategic Plan as soon as possible and resubmit it to the Vitrocrisa Board for consideration by Extraordinary Directors Action.
